The use of the Florida homestead to defraud creditors.
Florida Bar Journal › Vol. 72 Nbr. 11, December 1998
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The use of the Florida homestead to defraud creditors.
The current trend of case law in Florida permits a debtor with financial problems to acquire a homestead with nonexempt money and keep that homestead as exempt from the claims of his or her creditors.
The Florida Constitution provides that the homestead of a Florida resident is exempt from forced sale under process of any court. Art. X, [sections] 4 provides as follows: (a) There shall be exempt from forced sale under process of any court, and no judgment, decree or execution shall be a lien thereon, except for the payment of taxes and assessments thereon, obligations contracted for the purchase, improvement or repair thereof, or obligations contracted for house, field or other labor performed on the realty, the following property owned by a natural person: (1) a homestead.... Creditors may obtain a judgment against a debtor but may not levy execution on the debtor's homestead because of this exemption...See the full content of this document
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